SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES

SCHEDULE I – CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN

INVESTMENTS IN RELATED PARTIES

(in millions)

Column A	Column B		Column C		Column D
	As of December 31, 2025
	Cost or		Fair		Carrying
Type of Investment	Amortized Cost		Value		Value
Fixed Maturity Available-For-Sale Securities (1)
Bonds:
U.S. government bonds	$	892	$	869	$	869
Foreign government bonds	261		226		226
State and municipal bonds	2,514		2,147		2,147
Public utilities	12,729		11,361		11,361
All other corporate bonds	63,589		57,684		57,684
Mortgage-backed and asset-backed securities	21,235		20,906		20,906
Hybrid and redeemable preferred securities	242		255		255
Total fixed maturity available-for-sale securities	101,462		93,448		93,448
Equity Securities
Common stocks:
Banks, trusts and insurance companies	154		163		163
Industrial, miscellaneous and all other	228		227		227
Non-redeemable preferred securities	250		246		246
Total equity securities	632		636		636
Trading securities	1,756		1,676		1,676
Mortgage loans on real estate (2)	22,687		21,955		22,472
Policy loans	2,626		N/A		2,626
Derivative investments (3)	1,418		9,945		9,945
Other investments	8,105		8,105		8,105
Total investments	$	138,686			$	138,908

(1) For investments deemed to have declines in value that are impairment-related, an allowance for credit losses is recorded to reduce the carrying value to their estimated realizable value.

(2) Mortgage loans on real estate are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowance for credit losses. We carry certain mortgage loans at fair value where the fair value option has been elected.

(3) Derivative investment assets cost was offset by $380 million and fair value was offset by $60 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.